Industrial Refrigeration Market Size & Share); Component (Compressors, Condensers, Evaporators, Controls); Capacity (Less than 100kW, 100-500Kw, 500-1000Kw, 1000-500Kw, More than 5000Kw); Refrigerant (Ammonia, Carbon Dioxide, Hydrofluorocarbon); Type (Stationary, Transport); Application (Refrigerated Warehouse, Food & Beverage, Chemical & Petrochemical, Pharmaceutical, Refrigerated Transportation) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4970
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Industrial Refrigeration Market Size is expected to USD 55.75 Billion by 2035, growing at a CAGR of 8.30% from 2023 to 2035. In the year 2022, the industry size of industrial refrigeration was USD 21.42 Billion. Furthermore, the market size is slated to grow steadily with a 8.30% CAGR over the forecast period, i.e. 2023 – 2035. The rising demand for processed and packaged food items is surging the use of industrial refrigeration to prevent food from spoiling. The revenue generated from the global sales of packaged food amounted to more than USD 2 trillion in 2019.

Industrial refrigeration is the process of cooling using large-scale cooling systems to remove the extra heat from the materials and lowers the temperature to achieve a desired temperature value. The surge in natural refrigerants owing to the rising need for environmental protection along with the recent shift towards energy-efficient facility designs are predicted to create positive opportunities for revenue generation.


Industrial Refrigeration Market
Get more information on this report: Request Free Sample PDF

Global Industrial Refrigeration Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Number of Cold Chain Warehouses -  With the rising focus on increasing the shelf life of temperature-sensitive products, the demand for industrial refrigeration has also increased which drives market growth.
  • Increasing Food Wastage – Owing to the inefficiency in the handling of food, a huge amount of food products is wasted even before they reach the hands of the customers. This brings the need for highly-efficient industrial refrigeration for preventing food wastage. As per the data shared by the United Nations in 2022, almost 17% of food is wasted from global food production.
  • Escalation in the Production of Perishable Goods – Rapid urbanization has led to the development of perishable goods which requires high-quality industrial refrigeration for increasing their shelf life. 
  • Increased Penetration of Artificial Intelligence – Digital transformation has increased the penetration of artificial intelligence, the Internet of Things (IoT), and other automation processes have propelled the introduction of the latest industrial refrigeration for numerous processes. The number of Internet of Things devices in the world is projected to double from 10 billion in 2020 to 30 billion in 2030.

Challenges

  • High Installation Cost – The deployment of industrial refrigeration is expensive owing to the high cost of the components being used such as compressors, condensers, and evaporators. Furthermore, the technology and systems used in industrial refrigeration increase the cost.
  • Lack of Skilled Professionals for Operating
  • Rising Concern Regarding Safety

Industrial Refrigeration Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~8.30%

Base Year Market Size (2022)

~USD 21.42 Billion

Forecast Year Market Size (2035)

 ~USD 55.76 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Industrial Refrigeration Segmentation

Component (Compressors, Condensers, Evaporators, Controls, Others)

The industrial refrigeration market from compressors segment is poised to grow at a significant rate and hold the largest value of 32% in 2035. Compressors have an important role to play in increasing refrigerant vapor pressure in a condenser that ensures suitable temperature and pressure. The rising focus on manufacturing innovative compressor solutions to meet the efficiency of the industrial refrigeration system is expected to create a positive outlook for segment expansion.

Application (Refrigerated Warehouse, Food & Beverage, Chemical & Petrochemical, Pharmaceutical, Refrigerated Transportation) 

The food & beverage segment is estimated to grow the highest and hold the largest market share of 34% by the end of the forecast timeline. The increasing working population around the world has increased the demand for ready-to-eat food items and beverages which requires proper industrial refrigerant systems for protection.

Our in-depth analysis of the market includes the following segments:

         Component

  • Compressors
  • Condensers
  • Evaporators
  • Controls
  • Others

        Capacity

  • Less than 100Kw
  • 100-500Kw
  • 500-1000Kw
  • 1000-500Kw
  • More than 5000Kw

        Refrigerant Type

  • Ammonia
  • Carbon Dioxide
  • Hydrofluorocarbon
  • Others

        Type

  • Stationary
  • Transport

        Application

  • Refrigerated Warehouse
  • Food & Beverage
  • Chemical & Petrochemical
  • Pharmaceutical
  • Refrigerated Transportation
 

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Global Industrial Refrigeration Industry - Regional Synopsis

North America Market Forecast

The industrial refrigeration market value in the North American region is predicted to be the largest with about 35% share. The key factor responsible for the increment in market value is the rising government initiatives such as the Significant New Alternatives Policy (SNAP) and American Innovation and Manufacturing (AIM) Act encourage food manufacturers to use natural industrial refrigerant solutions to avoid food wastage.

Asia Pacific Market Analysis

The Asia Pacific industrial refrigerant market value is set to grow at a significant share registering about 24% by the end of 2035. The growing spending capacity of consumers has led to increasing demand for food items and other commodities which have less shelf-life which has escalated the demand for industrial refrigerant for protecting the products. Also, the rising living standards of the people living in the region are estimated to favor market value expansion.

Research Nester
Industrial Refrigeration Market Size
Get more information on this report: Request Free Sample PDF

Top Featured Companies Dominating the Global Industrial Refrigeration Market

top-features-companies
    • Johnson Controls
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Emerson Electric Co.
    • GEA Group Aktiengesellschaft
    • Danfoss A/S
    • Mayekawa Group of Companies
    • Daikin Industries, Ltd.
    • BITZER Kühlmaschinenbau GmbH
    • EVAPCO Inc.
    • Guntner GmbH & Co. KG
    • LU-VE S.p.A

In-the-news

In The News

  • Johnson Controls has successfully acquired Hybrid Energy AS, a provider of high-temperature energy management solutions that focuses on heat pumps for district heating and industrial processes. The acquisition allows the company to bring new innovative solutions for consumers while addressing de-carbonization and sustainability.
  •  Emerson Electric Co. has decided to donate its unique and sustainable refrigeration architecture that was developed at its Helix Innovation Center in Dayton, Ohio, to the city’s Gem City Market. This will ensure the delivery of safe, high-quality food to the consumers.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4970
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing food wastage across the globe along with the escalation in the demand for effective storage solutions is anticipated to drive market growth.

The market size of industrial refrigeration is anticipated to attain a CAGR of ~8.30% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Johnson Controls, Emerson Electric Co., GEA Group Aktiengesellschaft, Danfoss A/S, Mayekawa Group of Companies, Daikin Industries, Ltd., BITZER Kühlmaschinenbau GmbH, EVAPCO Inc., Guntner GmbH & Co. KG, LU-VE S.p.A, and other key players.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by component, refrigerant type, type, capacity, application, and by region.

The food & beverage segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The lack of skilled professionals for operating industrial refrigeration along with the high cost of installation are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Industrial Refrigeration Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying